Fresh Up Moves Possibility after Correction Completion
Nifty-Intra Day Chart (19-Dec-2013):- |
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1- Sharp down moves in first 6 minutes and after that whole day range bound market between 6150-6203.
2- Up moves in Bearish Rising Channels
3- Down moves showing good intraday correction
4- Lower levels Rising trend line supports.
5- Most time actual trading between 6150-6203
Conclusions from intra day chart analysis
Long and Intermediate Term Trends are up and Short Term turned down after correction beginning from 6415.25 on 09-12-2013. Last 6 sessions trading between 6141-6270 and sustaining beyond this range should be firstly watched in the coming sessions for next big trend confirmations because lower levels consolidations between 6141-6156 and higher levels selling between 6258-6270 as well as both big news news of RBI Credit policy and FOMC tapering reaction within this range.
Sharp down immediate after opening today and most time trading 6150-6203 and closing near the lower levels of the day but both bullish and bearish patterns seen as well as news based high volatility was also seen in last 2 sessions therefore technically final conclusions can not be drawn mere from intraday charts formations.
As intraday charts of last 5 sessions are showing most time consolidation and lower levels Rising trend line supports also seen today therefore emergence of correction completion and fresh up moves possibility in the coming sessions and weeks after Short Term Trend turning up. As no confirmation yet therefore firstly sustaining above 6141 and finally sustaining above 6270 should be watched for Wave-3 continuation after Short Term correction completion.